By Ranjit Singh
IN a move that had caught the market by surprise, Andreas Vogiatzakis, the CEO of Star Media Group Bhd, has tendered his resignation from the media company. In a Bursa filing today, the company said that Vogiatzakis had left the company to “pursue his own interest.”
Vogiatzakis, a Greek national, was previously the CEO of Havas Media Group, Malaysia, a position he held from August 2016 to June 2019. Before that, since 2006, he was the CEO of Omnicom Media Group Malaysia for 10 years.
He has served on several industry boards, as president of the Media Specialist Association (MSA) and treasurer of Malaysian Digital Association (MDA), on the board of directors of the European Chamber of Commerce in Malaysia (EUMCCI), as chairman of BFM Brandfest and as a judge in numerous award juries.
He was also on the industry advisory boards for higher learning institutions such as Taylors, INTI, UTAR, PJCAD and Monash, and was an industry advisor for Asia Pacific Media Forum (APMF), Digital Summit Asia, Campaigns Media 360 and Ad:tech ASEAN.
The Star Media Group is the publisher of The Star newspaper, the nation’s most widely read English newspaper. It had seen its fortunes waning in recent years as advertisers shifted their ad spend from print media to digital media.
For its latest financial year ending Dec 31, 2019, the company recorded a revenue of RM315.9 mil compared to RM392.7 mil for the previous year. It registered a profit after tax of RM5.7 mil for the year compared to RM5.5 mil in 2018.
The marginal increase in its profit after tax was due to lower operating expenses from its print and radio segments. The company said in a Bursa filing that it still expects revenue growth from its digital segment going forward despite soft and challenging market conditions.
Its main shareholder is Huaren Holdings which is controlled by the Malaysian Chinese Association.
Shares of Star Media Group closed at 35.5 sen, unchanged from yesterday’s close, with 5.46 million shares changing hands. The 52-week high for the company is 75 sen and the corresponding low is 22.5 sen. – May 13, 2020
